There are a lot of challenges with owning heavy equipment for construction. Maintenance can be expensive depending on supplier service warranties and issues that plague the equipment. Moreover, it can cost double for fleet owners who need their machines to be up and running for the next project. Though delays are inevitable in the construction sector, keeping such events to a minimum is more beneficial and preferable.
If you’re new to owning heavy equipment, here are a couple of points to keep in mind so you can be better prepared to tackle them in the future.
Heavy equipment spare parts
When a heavy machine breaks down, the first thing owners do is to check its status. Mostly, they just replace parts to get them back on their feet. However, getting new ones can be tricky for newbies in the industry.
Thankfully, CAT heavy equipment owners already have a great parts supplier via parts.cat.com. Clients can shop for Caterpillar spare parts in the Philippines with just a click of a button.
Monark updates its website to make store navigation easier for loyal consumers. Other brands may use similar systems, and the ease of parts shopping will vary between manufacturers and dealerships.
Maintenance and storage costs
As mentioned before, the cost of storing and maintaining heavy equipment isn’t cheap. Besides making sure that it’s functional, you also need to consider that many of these machines will need upgrades and maintenance checks to improve their longevity in the industry. You’ll have to budget your annual spending for heavy equipment wisely; otherwise, you’ll end up with a land full of immobile and significantly depreciated construction machines.
New features and innovations
Owners should invest more into prolonging their machines instead of buying new and updated ones from the market every year. Selling off depreciated equipment is a tough job because it can lose up to 40% of its value within the first year.
One of the major pain points of being a fleet owner is knowing that some of your machines and devices can become obsolete within a couple of years. This isn’t to say that they’ll become useless over time, but rather, they won’t be able to compete with other, more modern machines retrofitted with the latest devices. Other times, they’ll become unusable due to new laws that prohibit the use of old models for either safety reasons or nationwide pollution-reduction efforts.
Other things to consider
Despite what it looks like to an outsider, the construction industry moves and innovates at a pace that can catch industry leaders off guard. But much like any business, it’s always a matter of staying informed to get ahead of the curve.
The points listed above are just some common challenges that heavy equipment owners will face. There are many traps to look out for in this business, but at the very least, you can refer to guides such as this to help you prepare for unwelcome future surprises.
Monark Equipment Corporation is the leading Cat® dealership and heavy equipment supplier in the Philippines. Established in 1962, it continues to be at the forefront of the country’s construction sector, committed to providing excellent and internationally acclaimed brands in heavy machinery and power systems machines for diverse construction projects and industries.